What Cloudberry Clean Energy does

Cloudberry Clean Energy ASA is a Nordic renewable energy company listed on Oslo Børs (ticker: CLOUD) that develops, owns, and operates hydropower plants, wind farms, solar installations, and battery energy storage systems (BESS) across Norway, Sweden, Denmark, and — as of March 2026 — Finland. The company was founded in 2017 by Anders Lenborg (CEO) and Christian Helland (CCO) and operates from its Oslo headquarters with country offices in Karlstad, Gothenburg, Eskilstuna (Sweden) and Lemvig (Denmark). Its operating portfolio spans the Odin wind portfolio in Denmark (106 MW net), Odal wind in Norway (54 MW net), Hån, Munkhyttan, Sundby, and Røyrmyra wind assets in Sweden/Norway, the Finnish MLK wind farm (66 MW net, 50% stake), a Forte portfolio of small-scale Norwegian hydropower plants, plus the Bøen, Øvre Kvemma, Tinnkraft, and Skåråna Kraft hydro assets. Development pipeline includes Duvhällen (60 MW), Björnetjärnsberget (~140 MW), the Älgfallet and Västanånet hybrid energy parks, the Nees Hede solar project (~175 MW), and Dingelsundet and Knutmasso BESS projects.

The business is organized into three segments: Projects (greenfield development of hydro, wind, solar, and storage with in-house permitting, procurement, and construction capabilities), Commercial (active ownership optimization, M&A, and strategic partnerships), and Asset Management (third-party O&M and digital performance optimization through wholly-owned Captiva Asset Management AS, which oversees >2,000 MW of Nordic wind for external owners). Revenue is generated by selling renewable electricity through bilateral agreements and the Nordpool spot market, with additional income from electricity certificates, guarantees of origin, and recurring asset management fees. For LTM Q1 2026 the company reported proportionate revenue of NOK 851m and proportionate EBITDA of NOK 385m; Q1 2026 consolidated revenue reached NOK 194m versus NOK 121m in Q1 2025.

Cloudberry is pursuing aggressive scale: a June 2026 strategic combination with Orrön Energy, pending H2 2026 close, would create a leading Nordic independent power producer with combined proportionate annual generation of approximately 2.1 TWh, making Orrön the largest shareholder at 27.01%. The company also secured its first powered-land plot for data center development (~160 MW gross capacity), targeting hyperscaler demand for Nordic renewable-adjacent sites. Partnerships with Sveaskog (Sweden's state forest owner), OX2, Hafslund, and Skovgaard support land access and project development. 84% of turnover is classified as sustainable under the EU Taxonomy framework.

Name

Cloudberry Clean Energy

Legal name

Cloudberry Clean Energy ASA

Website

http://www.cloudberry.no

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Cloudberry Clean Energy ASA is a Nordic independent renewable energy producer that develops, owns, and operates hydropower, wind, solar, and battery storage assets across Norway, Sweden, Denmark, and Finland, selling power via Nordpool and bilateral agreements and providing third-party asset management through Captiva.

Ownership category

akta.pro rank

Product category

Independent Renewable Power Production

NAICS

Wind Electric Power Generation (221115), Hydroelectric Power Generation (221111), Electric Power Generation (22111)

SIC

Cogeneration Services & Small Power Producers (4991), Electric & Other Services Combined (4931)

akta.pro primary industry

Wind Farm Ownership & Operations (IPP/Utility-Owned Asset Operations) (EUACAFAF)

akta.pro secondary industries

Renewable Energy Asset Management (Solar/Wind/Hydro/Geothermal) (EUAEAMAB), Wind Operations, Maintenance & Asset Management (Scheduled/Unscheduled) (EUAMACAH)

Keywords

• Renewable energy production
• Wind power generation
• Hydropower plant operations
• Energy storage systems
• Asset management services

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Power Production and Sales: Cloudberry generates revenue by producing and selling renewable electricity from its hydropower plants, wind farms, and solar installations. Power is sold on a continuous basis through bilateral agreements or the Nordpool spot market. Producing assets also generate electricity certificates and guarantees of origin.
2. Asset Management Services: Through Captiva Asset Management AS, Cloudberry provides technical and commercial management of power plants and consultancy services for third-party renewable asset owners in the Nordics and Baltics, generating recurring service fees.
3. Project Development and M&A: Cloudberry creates value through greenfield development and strategic acquisitions of renewable energy assets, which are then held for long-term power production and appreciation.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Cloudberry Clean Energy develops, owns, and operates renewable energy assets—hydropower plants, wind farms, solar installations, and battery energy storage systems (BESS)—across Norway, Sweden, and Denmark, with recent entry into Finland. The company operates an integrated business model organized into three revenue-generating segments: Projects (greenfield development), Commercial (active ownership optimization and M&A), and Asset Management (third-party O&M via Captiva). Power is sold through bilateral agreements and the Nordpool spot market to utilities, grid operators, and industrial off-takers.

Product overview

Cloudberry Clean Energy is a Nordic independent renewable energy producer with an integrated business model organized into three revenue-generating segments: Projects (greenfield development of hydro, wind, solar, and storage assets across Norway, Sweden, and Denmark), Commercial (active ownership optimization, M&A, and partnerships), and Asset Management (third-party O&M via Captiva Asset Management). The company operates a portfolio of producing assets — including the Odin Wind Farm (106 MW net), Odal Wind Farm (54 MW net), Hån Wind Farm (21 MW), Munkhyttan Wind Farm (18.6 MW), Sundby Wind Farm (32.4 MW), Røyrmyra Wind Farm (2.4 MW), and the Finnish MLK Wind Farm (50%, ~66 MW net) — alongside multiple hydropower plants (the Forte portfolio, Bøen I & II, Øvre Kvemma, Skåråna Kraft, Tinnkraft). Development-stage projects include Duvhällen Wind Farm (60 MW), Björnetjärnsberget Wind Farm (~140 MW), Älgfallet Energipark (hybrid wind/solar/BESS), and Västanätet Energy Park (hybrid). Energy storage projects include Dingelsundet BESS (24 MW/48 MWh) and Knutmasso BESS (20 MW/40 MWh), plus the Nees Hede solar project (~175 MW). The company also holds a significant data center powered land opportunity (~160 MW gross capacity). The integrated platform is supported by Captiva Asset Management, providing technical and commercial management of power plants.

Differentiator

Problem solved

Functional benefit

Products and services

• Projects Segment – Renewable Asset Development Greenfield developer of hydropower, wind, solar, and energy storage projects in Norway, Sweden, and Denmark with in-house capabilities spanning project origination, permitting, procurement, and construction. Focused on assets with favorable economic returns and low environmental impact.
• Commercial Segment – Active Asset Ownership and Power Sales Oversight and active ownership of Cloudberry's producing renewable energy assets, optimizing operations, enhancing portfolio value, executing M&A transactions, forming strategic partnerships, and selling power via bilateral agreements and the Nordpool spot market. Producing assets also generate electricity certificates and guarantees of origin.
• Asset Management Segment – Captiva Third-Party Services Operation and management of both Cloudberry's portfolio and third-party renewable energy assets in the Nordics and Baltics, delivered through wholly-owned Captiva Asset Management AS. Includes digital solutions and performance optimization for renewable asset owners.
• Battery Energy Storage Systems (BESS) Stand-alone battery energy storage system projects for grid services and renewable energy integration, with operational units being Dingelsundet (24 MW / 48 MWh, SE-3) and Knutmasso (20 MW / 40 MWh).
• Powered Land for Data Centers Provision of powered land with grid connections in the Nordics for hyperscale and colocation data center operators, leveraging proximity to high-price Nordic price zones and European interconnectors.
• Nordic Wind Power Generation Portfolio Operating portfolio of Nordic onshore wind farms across Norway, Sweden, Denmark, and Finland producing renewable electricity sold to utilities and industrial off-takers via bilateral agreements and Nordpool.
• Norwegian Hydropower Portfolio Cluster of Norwegian small-scale hydropower plants producing in aggregate over 200 GWh annually, with stakes ranging from 38% to 100% across individual assets.

Quantifiable outcome

• 78,432 tCO2e avoided YTD through renewable energy production
• +3 more outcomes

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Orrön Energy ABcoreStrategic or Co-development Partner · 25 June 2026Orrön Energy and Cloudberry entered into a strategic transaction to create a leading Nordic independent power producer. Orrön's Nordic renewable energy platform (excluding Karskruv windfarm) will be combined with Cloudberry. Orrön receives a 27.01% stake in the enlarged Cloudberry as consideration, becoming the largest shareholder with board representation, plus MEUR 4.2 in cash and settlement of ~MEUR 93 in loan balances. The transaction is expected to close in H2 2026 pending regulatory approvals.
• Sampi Renewables Holding AScoreStrategic or Co-development Partner · 13 March 2026Cloudberry signed a share purchase agreement to acquire 50% of a 132 MW onshore wind farm in Finland (MLK) from Sampi Renewables Holding AS for an enterprise value of EUR 75 million. Orrön Energy AB continues as joint venture partner. The transaction closed in March 2026.
• HafslundminorStrategic or Co-development Partner · 8 July 2025Cloudberry and Hafslund reached a Final Investment Decision for the Dingelsundet Battery Project (24 MW / 48 MWh BESS) in Karlstad, Sweden. Hafslund is a co-investor in this battery energy storage project.
• OX2coreStrategic or Co-development Partner · 3 July 2025Cloudberry entered a partnership with OX2, one of Europe's largest renewable energy developers, to develop and own the Duvhällen wind project in Sweden (60 MW, ~150 GWh). OX2 brings extensive development experience while Cloudberry provides local engagement.
• SveaskogcoreStrategic or Co-development Partner · 1 July 2025Cloudberry and Sveaskog (the Swedish state forest owner) joined forces to accelerate the energy transition in Sweden. The partnership focuses on developing renewable energy projects on Sveaskog-owned land, including the Älgfallet energipark project in Nora municipality.
• SkovgaardminorStrategic or Co-development PartnerThe Odin wind farm portfolio includes a well-established partnership with Skovgaard, involving Danish wind assets (106 MW net to Cloudberry, 80% ownership) with land ownership.
• Sunna GroupminorStrategic or Co-development PartnerCloudberry acquired the Knutmasso BESS project in Gimo, Sweden (20 MW / 40 MWh) from Sunna Group in June 2026. Construction and commissioning are planned for 2027.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Others

• Vattenfall AB:

Direct peers

• Orrön Energy AB: Swedish-listed Nordic renewable energy platform with wind, hydro, and solar assets across the Nordics. Currently entering a strategic combination with Cloudberry to create a leading Nordic IPP — directly comparable in asset mix, geography, and scale.
• OX2 AB: One of Europe's largest renewable energy developers, headquartered in Sweden with significant Nordic wind and solar development pipeline. Cloudberry partners with OX2 on the Duvhällen project and competes for the same Nordic wind development opportunities.
• Arise AB: Swedish onshore wind power company developing, constructing, and operating wind farms in the Nordics. Closely comparable to Cloudberry in operating model (development + ownership + power sales) and Nordic geography.
• Eolus Vind AB: Swedish wind power developer and operator with a large Nordic project development pipeline and operational wind farms. Directly comparable on greenfield development, ownership, and sale/operation of Nordic wind assets.
• European Energy A/S: Danish developer and operator of renewable energy projects (solar, wind, and power-to-X) with significant Nordic presence. Comparable as an integrated developer/owner/operator of utility-scale renewables in overlapping geographies.

Emerging players

• Better Energy AS: Danish renewable energy company developing utility-scale solar and wind projects across Northern Europe with overlap in the Danish market (where Cloudberry has Nees Hede) and shared focus on greenfield development.

Broad incumbents

• Statkraft AS: Norwegian state-owned renewable energy company and Europe's largest generator of renewable energy, with extensive Nordic hydro and wind assets. Broad incumbent with overlapping technologies and geographies, but much larger and portfolio-wide in scope.
• Fortum Oyj: Finnish state-controlled energy company with significant Nordic hydro, wind, and CHP generation. Relevant as a Nordic incumbent in renewable generation, particularly in Finland where Cloudberry has entered via MLK.

Regional players

• Å Energi AS: Norwegian energy group with combined hydro and wind generation portfolio primarily serving Norwegian customers. Comparable on Norwegian hydropower ownership and operations, though more domestically focused than Cloudberry's pan-Nordic strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cloudberry Clean Energy